Download or read book Fixing Russia's Banks written by Michael S. Bernstam and published by Hoover Institution Press. This book was released on 2013-11-01 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fixing Russia's Banks documents how Russia's financial system is built on what Michael S. Bernstam and Alvin Rabushka call ersatz banks. These inferior imitation banks have served largely as tools of the government to redistribute public funds to favored firms. The highly vaunted achievements of privatization, removal of price controls, and foreign trade liberalization have failed to produce growth because of a lack of private financing. National income has declined nearly 40 percent since 1992, with no recovery in sight.